Coronavirus lockdown | Five Indian states leading economic recovery
Haryana, Karnataka, Kerala, Punjab and Tamil Nadu are the five Indian states that are leading the country's economic revival from the lockdown as per a study by Elara Securities Inc. The five states are together contributing nearly 27 % of the nation's gross domestic product (GDP) from the biggest lockdown, which was imposed to curb the spread of the novel coronavirus.
Garima Kapoor, an economist at Elara Securities stated that there has been considerable improvement in the economic activity in these five states, based on contributing factors such as power consumption, traffic movement, wholesale markets being filled with farm products, and Google mobility data. She added that states such as Maharashtra and Gujarat have not made a head start due to the strict lockdown restrictions still in place in order to contain the COVID-19 outbreak.
Starting June 8, a phased lifting of the nationwide lockdown will begin, which will allow the reopening of shopping malls, restaurants and places of worship in places where control has been brought over the virus infections. Kapoor said, "The best stimulus India can have is resumption of normal economic activity. The country is witnessing an improvement in activity but it remains sporadic."
The study has also shown that there has been a significant improvement in electricity requirements in states like Punjab and Haryana, which shows the demand for farm operations. There has been an increase in power demand and mobility trends in the nation's capital Delhi too. Kapoor did a survey on Google search trends to observe whether customers are shifting consumption patterns as they adapt to a "new way of life." Her study shows that there was a huge demand for salon services, air travel, bikes, air conditioners, vacuum cleaners and machines. She states people have eased out of the panic-buying mode when the lockdown was first announced and there was a rush in purchasing medicines, groceries and liquid soaps.
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